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Report: ECB pressuring banks over Brexit plans

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Report: ECB pressuring banks over Brexit plans

The European Central Bank has given international banks with a London hub until the end of June to apply for a European Union banking license, with 20 lenders already submitting applications, The Sunday Times of London reported.

The regulator is said to be using the application process to pressure lenders into disclosing more details on their Brexit plans, including plans for potential failures, the number of staff who will be forced to move and how units in the continent will be capitalized, an investment banking source told the newspaper.

The ECB could likely be targeting small banks and broker-dealers that might have less developed plans compared to larger investment banks, the newspaper noted.

The ECB also warned that a so-called brass plate presence in the EU — where senior managers remain in the U.K. while business is done through a EU member state — will not be enough to serve continental customers, according to the Sept. 9 report.